We expect Chubb Insurance Singapore to maintain its highly strategic group status. We are affirming our 'AA-' local currency long-term counterparty credit rating and financial strength rating on the Singapore-based insurer. The stable outlook on Chubb Singapore reflects the ratings outlook on core entities of Chubb group. On Oct. 16, 2017, S&P Global Ratings affirmed its 'AA-' local currency long-term counterparty credit rating and financial strength rating on Chubb Insurance Singapore Ltd. (Chubb Singapore). The outlook remains stable. The financial strength rating on Chubb Singapore reflects our view of the insurer's highly strategic role to the Chubb group (Chubb Ltd.; core operating subsidiaries rated AA/Stable/--). We rate highly strategic subsidiaries one notch below the core operating subsidiaries. S&P Global Ratings
